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Edition of the Award: 3rd (November 2009)
Scientific group: Economics, Management, and Accounting
Rating: 3rd selected work in the adult category
Title of the research work: Macroeconomics from Islamic Perspective
Researcher: Seyed Hossein Mir-Moezzi
Education/Academic degree of researcher: Doctorate
Related institute: Islamic Culture and Thought Research Institute
Subject: The main subject of this research is macroeconomic study of the Islamic economic system. The Islamic economic system, in this study, means a collection of patterns regulating economic behaviors and relations in three fields of production, distribution, and consumption as inferred from Quranic verses and authentic Islamic traditions along with relevant logical analyses. The present research takes a regular and systematic macroeconomic approach to general patterns of economic behavior and relations on the part of both the people and government.
Goals: The main goal of this research is to recognize economic relations among various groups of people (including families and corporations) and their relations with the ruling system and how these relations are coordinated to meet the goals of the Islamic economic system.
Method: This study has taken advantage of a macroeconomic approach. Macroeconomics has a systematic attitude toward economics as a total comprising various components and uses categorization as well as mathematical methods to explain, interpret, and project behaviors of macroeconomic groups and variables.
Results: The main achievement of this study is to explain large-scale performance of the Islamic economic system in its totality through a scientific approach using modern scientific terms to reveal differences between this economic system and other systems and to explain its advantages over other systems.
In addition, the following corollary results were achieved:
- A more basic research is needed to recognize all functions of an Islamic macroeconomic system in which macroeconomic methods would be used to study factors influencing public welfare and distributive justice;
- Economic justice in an Islamic economic system is realized through three elements: cultural element (believing in the teachings of Islam), structural element (cooperative markets), and political element (state policies);
- In Islamic economic system, the faith of the society in Islamic teachings is an important variable which influences consumption, investment, demand for money, and workforce demand in the society;
- The economic system of Islam is one in which profits are evenly handed out because it includes markets which prevent accumulation of profits of economic activities in a special group, but distributes those profits evenly among all production factors.
Proposals: To achieve major goals of the Islamic economic system, that is, economic growth and justice, it is necessary to increase faith of the society in Islamic teachings. As the faith of the society increases, people would automatically move toward realization of the aforesaid goals and government’s supervision over and intervention in economic activities will diminish. Therefore, to realize economic growth and justice and to downsize the government, it is proposed that policies should be adopted to increase the faith of the society in Islamic teachings.
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